Definition
When you both need more time—maybe financing is delayed or repairs take longer—you sign an extension to push back the closing date. It keeps the deal alive without starting over.
Not sure where this fits?
Answer a few questions and we’ll open the path that fits, at the right step.
Find my pathAbout this term
Extensions accommodate delays in financing, inspections, or repairs. Both parties must agree. Written extensions prevent disputes. Cost may include per-diem rent if occupancy delayed. Earnest money held until extended date. Multiple extensions possible but become difficult. Excessive extensions signal deal problems. Professional handling prevents disputes. Timely extensions maintain momentum. Agreement terms specify extension conditions.
Pro Tip
Request written extension agreements for clarity and enforcement. Verbal extensions can create confusion.
Example
Extension agreement moved closing 14 days to allow financing completion.